Stanley Works (SWK) Tops Q2 EPS by 3c

July 21, 2008 6:30 PM EDT

Stanley Works (NYSE: SWK) reports Q2 EPS of $1.05, ex-items, versus the consensus of $1.02. Revenues came in at $1.15 billion, versus the consensus of $1.13 billion.

Management noted that it now fully expects the recessionary conditions experienced in the first half of 2008 to continue into the second half of the year and possibly into 2009.

Management expects to preserve its 2008 fully diluted earnings per share from continuing operations at a level approximately equal to the prior year.

The company said, although the company does not provide quarterly earnings guidance as a matter of policy, it is advising analysts and investors that in the process of setting their 3Q EPS expectations that, among other factors, they should consider both the impact of (1) higher severance (as noted above) and (2) lag time in recovering the most recent wave of inflation, which is estimated to be approximately $0.15 per share versus the prior year when taken together.

The Stanley Works produces various tools and security products worldwide.

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